Spice Shopping Mall continues to strengthen its position in the market

14.04.2019

Spice – the market-leading shopping centre in Riga – concluded 2018 with 177.4 million euro net turnover, an increase of 1.5% compared to 2017. There was no substantial increase in the number of visitors in 2018; however, the average purchase amount spent by visitors increased by 3%. In 2018 many new and renewed stores were opened in Spice, which has helped to provide a steady flow of visitors (more than 10 million people visited in 2018) and increase the total turnover of stores.

Managing Director of Spice Shopping Mall Kadrija Pudova: “The disposable income of consumers has increased and they are spending more, at the same time they are becoming increasingly demanding and require the best possible range and service. Demand is growing and changing, and we must follow up on global trends to be able to adjust.” The turnover growth of the shopping complex was promoted by internal improvements. Furthermore, the dynamic development of the economy in the Baltic states in the past year has improved the purchasing capacity of consumers along with the overall mood.

The largest increase was reported in gifts, accessories and flowers´ stores (+16.5%), watches and jewellery (+10%) and sports and leisure segment stores (+6%), the clothes and shoes sector maintained growth similar to last year. With new players entering the market, competition between shopping centres has increased. The nearby Riga International Airport also provides a noticeable flow of tourists, especially in the active tourism season.

In 2018, Spice Home also experienced noticeable changes. Elkor was significantly expanded and it is now the company’s biggest store in Pārdaugava – the total space of the store located on two floors is 5,500 m2. New home goods and hobby material stores were opened: Elkor Home, Zvaigzne ABC, the gift shop Duni and an amusement park for children – Ab Park. This year Spice has already opened 14 new store concepts, and is planning to open 30 new ones.

“As for the strategic goals of the shopping mall, an expansion is planned and currently an active document coordination process is being carried out. In addition to development, refurbishment of the centre is planned in cooperation with the international architect firm Benoy. The demands of consumers change rapidly and they value more and more the well-considered infrastructure of the complex, the interior of the centre, a wide range of goods and a pleasant atmosphere, where people can shop and spend their free time and which has wide choice of services to offer,” says Pudova.